Fed's Goolsbee: I think of tariffs as having a heavy stagflationary component

partly the conventional wisdom for what how should a central bank respond to a stagflationary shock which I think of tariffs a as having a heavy stagflationary component you the primary effect the the Fed can't pump oil the Fed can't adjust the supply side but it can try to prevent the secondary impacts which could be wage price spirals or if you start thinking about the secondary impacts of tariffs on parts, components, supplies, and intermediate goods. Now, it's a little more complicated than the Econ 101 ...